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Investor Access Updated kitchen: Valley Lo Towers (Chicago, IL), 1985, 112 units
Water’s EdgeUpdated racquetball court/gym: Retreat at Water’s Edge (Denver, CO), 1985, 252 units
ArborsUpdated pool: Arbors at Carrollwood (Orlando, FL), 1999, 312 units
Yardi Matrix Fall Multifamily Overview The State of the Nation’s Housing 2017 Vision 2030Delays in major life decisions like marriage and children, an aging population and immigration impacts are contributing to the need for 4.6 million new apartments by 2030 according to a new study by NHMC and NAA.
Press Briefing on Household Debt LEM Capital Closes $6.1 Million Joint Venture Transaction in Northglenn, COPhiladelphia, PA – LEM Capital, L.P. (“LEM”) has funded a $6.1 million joint
venture investment for the acquisition and renovation of Village at North Hills (the
“Property”), a 168-unit garden-style apartment community located in Northglenn,
a northern suburb of Denver. The Property was acquired in a joint venture with a
locally based, vertically integrated owner-operator focused on multifamily valueadd
transactions in Colorado. The sponsor’s value-add business plan includes
renovating unit interiors, enhancing exterior curb appeal, remodeling the
clubhouse with an expanded fitness center, modernizing the pool and outdoor
entertainment space and instituting a more professional approach to property
management and marketing.
Village at North Hills was built in 1999 and features a mix of one and two
bedroom units. The Property’s location features strong highway access and is
situated between two of northern Denver’s major thoroughfares (Interstate 25
and Huron Street) just one mile south of 120th Avenue, a central retail corridor in
the submarket. The I-25 provides convenient access to job hubs south in
downtown Denver and the Anschutz Medical Campus, and north in the I-36 office
corridor and Boulder. Public transportation options are also conveniently located:
an RTD Park n’ Ride bus depot is within walking distance, and new light rail
stations are scheduled to open nearby in 2018 on the North Metro Rail Line.
“We are excited about the acquisition of a well-located, newer vintage property
that represents an opportunity to execute a multifaceted value-add renovation,”
said David Lazarus, a partner at LEM. “The Property’s accessibility to
transportation nodes and job hubs and the contemplated renovation program
should help to generate increases in cash flow and value for our investors.”
Philadelphia, PA – LEM Capital, L.P. (“LEM”) today announced the firm’s 2017 origination goals, continuing the firm’s business of investing with high-quality, local real estate operating companies to acquire value-add multifamily properties. LEM invests in acquisitions and recapitalizations of Class B apartment properties located in infill locations in primary markets on the east and west coasts, the four major cities in Texas, Nashville, Chicago, Minneapolis, Denver and other cities on a select basis. “Our equity investment target for 2017 is $150 million or more which we should achieve by acquiring 15 to 20 value-add acquisitions where we see the ability to manufacture yield through capital improvements and better management,” said Herb Miller, a founding partner of LEM. “Strong multifamily demand fundamentals should continue to help generate attractive investment opportunities in the Class B multifamily sector. By investing in well-occupied properties in infill locations with diverse employment drivers, we seek growth in rents and values as a result of implementing our value-add business plans.” LEM’s value-add business plans incorporate upgrades to amenities, apartment interiors and common areas with the goal of providing a “like new” experience at a moderate price point for renters.
LEM’s value-add multifamily equity program typically provides up to 85% of the required equity behind the senior mortgage debt. “Our investment program continues 12 years of addressing the needs of our clients in our established niche – helping to provide solutions to multifamily value-add owners and operators,” said David Lazarus, a partner of LEM. LEM typically targets equity investments ranging between $5 million and $15 million per property, with total capitalizations ranging from $20 million to $50 million or higher.
LEM is also pleased to announce the firm’s selection as a 2017 Freddie Mac Multifamily Select Sponsor. This special designation allows LEM and the firm’s joint venture operating partners to benefit from dedicated relationship management, streamlined underwriting and prior approval of document modifications that are intended to reduce negotiations per deal. “The ability for our operating partners to leverage our industry relationships and share ‘best practices’ in management, renovations and design allows for the development of strong and durable partnerships,” said Jay Eisner, a founding partner of LEM. “We look forward to continued success with our operating partners in 2017.”
Philadelphia, PA – LEM Capital, L.P. (“LEM”) has funded a $13.3 million joint venture investment for the acquisition and renovation of Village Park of Palatine (the “Property”), a 448-unit garden-style apartment community. The Property is located in Palatine, an affluent suburban submarket of Chicago with strong public schools and high barriers to entry with only 389 units built since 1996. The Property was acquired in a joint venture with a locally based, vertically integrated owner-operator that is focused on multifamily value-add transactions in Chicago, the Midwest and San Antonio. The sponsor’s value-add business plan includes renovating unit interiors, curing deferred maintenance, enhancing exterior curb appeal, remodeling the clubhouse and instituting a more professional approach to property management and marketing.
Village Park of Palatine was built in 1977 and features a mix of one, two and three bedroom units. The Property is situated approximately 35 miles northwest of downtown Chicago and 18 miles northwest of Chicago’s O’Hare International Airport. The Property benefits from convenient access to Palatine’s Metra stop and the region’s most important arterial motorways, which provide tenants with manageable commutes to downtown Chicago and suburban employment hubs. Village Park of Palatine is also proximate to downtown Palatine, a walkable and vibrant town center with desirable restaurants, parks and retailers.
“The acquisition of Village Park of Palatine represented the opportunity to acquire a well-located property and institute a comprehensive value-add renovation program” said Herb Miller, a founding partner at LEM. “LEM’s vertically integrated local operator anticipates upgrading the Property and the tenant base, which should help to generate increases in cash flow and value for our investors.”